1.    Further to order ref: IRDAI/ ACT/ ORD/ MISC/ 220/ 09/ 2017 dated 20 September, 2017, the Competent Authority has revised the Terms of Reference of the Steering Committee for implementation of Risk Based Capital Regime. The revised Terms of Reference are as follows:

1.1.   Support the Authority in smooth and timely implementation of Risk Based Capital regime;

1.2.   Monitor and review progress of the implementation of the project as per timeline and quality standards provided in Request for Proposal (RFP);

1.3.   Apprise the Authority from time to time on the development of the project; and

1.4.   Any other issues related to the implementation of RBC as and when entrusted by the Competent Authority.

2.    The Steering Committee may suggest to the Competent Authority to invite experts for consultation and discussion based on the requirement from time to time.

3.    The composition of Steering Committee remains unchanged and is the same as per order: IRDAI/ ACT/ ORD/ MISC/ 220/ 09/ 2017 dated 20 September, 2017 and subsequent addendum ref: IRDA/ ACT/ ORD/ MISC/ 110/ 07/ 2018 dated 17 July, 2018.

Pournima Gupte

Member (Actuary)